Page 439 - MOE ENGLISH PR REPORT - JULY 2024

7/23/24, 2:48 PM Economic integration Committee reviews national efforts to enhance the competitiveness of legislative environment

In addition, the Committee discussed the development of a database and statistics for the services
sector in the state in line with international best practices. The project aims to strengthen the role of the
balance of payments in accurately recording and monitoring all financial transactions in various sectors.

The meeting also highlighted the ongoing national efforts to establish a Higher Committee for Trade in
Services. Chaired by H.E. Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, the
Committee comprises around 15 national entities engaged in trade in services within the country.

Furthermore, the meeting reviewed the results achieved through the implementation of the Ministerial

Development Council’s resolutions on the enforcement of tax compliance among individuals engaged in
e-commerce activities, as well as social media influencers. The Committee highlighted the existing
legislation that prohibits any commercial activity without a valid commercial license, irrespective of
whether it is conducted via physical or virtual store or any other technological medium. The Committee

commended the efforts of the national team responsible for supervising the implementation of these
resolutions.

-Ends-

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